No Comments

What To Do With Your Vacation Home As Summer Ends – Emerald Coast Real Estate

Vacation Home in Panama City Beach or along the Emerald Coast?

You have been the happy owner of a vacation home in Panama City Beach or along the Emerald Coast.  Summer is ending, and you have been evaluating whether or not you want to continue with the time and expense involved in the upkeep of a beach vacation home.  Well, if you are considering selling, now is a good time!  Prices are up, inventory is down, and buyers are still very active.  We are coming out to the other side of the feeding frenzy real estate market we had over the summer.  However, the buyers are plentiful for a variety of reasons.

If you are thinking about selling, it is important to understand the current real estate market.  A trusted, experienced real estate agent is invaluable in helping you understand Panama City Beach and the Emerald Coast real estate market.

  Life’s A Beach Real Estate can help you stay up on the current industry topics and trends.  And help with questions, concerns, and much much more.

What To Do with Your Vacation Home as Summer Ends

What To Do with Your Vacation Home as Summer Ends | MyKCM

As summer comes to a close, is it time to think about selling your vacation home? Based on recent data and expert opinions, it’s something you may want to consider. According to research from the National Association of Realtors (NAR), vacation home sales are up 57.2% year-over-year for January-April 2021.

If you’ve taken your last vacation in Panama City Beach, and along the Emerald Coast this summer, here are reasons you should consider selling your vacation home this year.

1. Remote work continues to drive demand for vacation homes.

As the report from NAR says, based on continuously evolving work needs, there could be more interest in your second home than you think:

“In 2020, across all nine divisions, the fraction of the workforce that work from home is typically higher in the vacation home counties than in the non-vacation home counties… The opportunity to work from home could further raise the demand for vacation homes in future years.

Recent data shows we’ll likely see a sustained increase in the rate of remote work over the next five years. That means your vacation home could be highly sought after by certain buyers. Lawrence Yun, Chief Economist at NAR, puts it best, saying:

Vacation homes are a hot commodity at the moment . . . . With many businesses and employers still extending an option to work remotely to workers, vacation housing and second homes will remain a popular choice among buyers.”

2. Selling could allow you to upgrade your vacation spot – or even your day-to-day scenery.

When demand is high, so is buyer competition. When competition is strong, buyers will do everything they can to make their offer on your vacation home as appealing as possible. This can include things like all-cash offers and more. If you sell now, you’ll be able to benefit from high buyer competition and pick the offer with the best possible terms for you. That offer could give you the opportunity to purchase the primary residence of your dreams.

Or, if you find that you’ll continue working from home, you could consider taking up more permanent residence in your vacation home and selling your primary residence instead. While this isn’t a choice everyone can consider, it could be a great option.

No matter what the situation, you don’t have to make the decision on your own. Your trusted real estate advisor can help you determine your best option when you’re ready to sell.

Bottom Line

Buyers remain interested in vacation homes this year for a number of reasons. Now that summer is winding down, it’s time to think about taking advantage of today’s demand for vacation homes. Let’s connect today if you’re ready to give your second home its day in the sun.

To learn more, reach out to our team.  With two office locations, Life’s A Beach Real Estate is located in Panama City Beach.  And Life’s A Beach Luxury Real Estate is located in Destin.  We are here to answer your questions and help you find your piece of paradise.

 

 

 

No Comments

Looking For A Place To Call Home, Consider A Condo – Emerald Coast Real Estate

Place To Call Home

Looking For A Place To Call Home?  Consider A Condominium.

It is no secret that the real estate market is very competitive in Panama City Beach and along the Emerald Coast. Unfortunately, many overlook the condominium option.  There are reasons for that, perhaps financing.  Or the vacation rental market aspect.  Yes, those are valid reasons or concerns to consider and research.  However, there are viable options for you to consider in the condo real estate market that your trusted real estate professional can help you navigate.

If you are a prospective buyer or seller, it is important to understand the current real estate market.  A trusted, experienced real estate agent is invaluable in helping you understand Panama City Beach and the Emerald Coast real estate market.

  Life’s A Beach Real Estate can help you stay up on the current industry topics and trends.  And help with questions, concerns, and much much more.

Looking for a Place To Call Home? Consider a Condominium.

It’s no secret that one of the top stories in today’s real estate market is low housing supply and high buyer demand. If you’re a first-time buyer looking for a starter home or are someone who’s interested in downsizing, it may be worth considering a condominium (condo) as a worthwhile option.

In fact, trends indicate condos are gaining popularity among buyers. In the latest Existing Homes Sales Report from the National Association of Realtors (NAR), the data shows condo sales rising throughout the first half of this year (see graph below):Looking for a Place To Call Home? Consider a Condominium. | MyKCMThere are a few reasons more and more people are opting to buy condos – the benefits of condo life can be quite compelling. Let’s explore the main perks to find out if a condo is a good fit for you.

Affordability

According to the NAR report, the median sales price of a condo is roughly $59,000 less than the median price of a single-family detached home (see graph below). This makes condos a great option for first-time homebuyers, those with limited down payment savings, or those looking to save money by downsizing.Looking for a Place To Call Home? Consider a Condominium. | MyKCM

Maintenance

A recent article from BankRate adds low maintenance as another perk of a condo lifestyle. Generally, exterior maintenance for condos is handled by a Homeowner’s Association (HOA). This can include things like landscaping and upholding a certain standard of cleanliness and condition for walkways, siding, and roofs. If you’re looking for a lower-maintenance option or see the appeal in being hands-off with upkeep, condos may be a good choice for you. With exterior maintenance off your plate, you’ll have more time for yourself and your hobbies.

Amenities

You can use that free time to enjoy some of the value-adding features your condo community may have, which could include dog parks, pools, a rentable clubhouse and grilling area for events, and more. If being able to host or attend community social outings is important to you, condos may give you more opportunities to enjoy the company of your neighbors. As a bonus, some condos even have gyms and on-site security teams.

Ultimately, the choice is yours. Condos are great options that often come with various features and benefits that may be important for your lifestyle. Fannie Mae sums up the appeal nicely:

Condominiums, or condos, can be great alternatives to detached homes. City dwellers, singles, couples, seniors, and many others may find condos that suit their needs and budgets. Others may simply prefer low-maintenance living. Buyers who feel ‘priced out’ of homes may discover condos offer an affordable homeownership alternative.

Bottom Line

If you’re looking for a home, it may be time to consider a condo as an option. Let’s connect to explore if one would be a good fit for your homeownership needs.

To learn more, reach out to our team.  With two office locations, Life’s A Beach Real Estate is located in Panama City Beach.  And Life’s A Beach Luxury Real Estate is located in Destin.  We are here to answer your questions and help you find your piece of paradise.

 

 

 

No Comments

Time Is Money When It Comes To Your Home – Emerald Coast Real Estate

Time Is Money When It Comes To Your Home

Real Estate along the Emerald Coast.

 In the first quarter of 2021, the average homeowner gained approximately $33,400 in equity during the past year.

Our brokerage is here to help you reach your real estate goals.  Buyers now is the time to act and act quickly.  Sellers, if you are thinking about selling in Panama City Beach or along the Emerald Coast, now would be a good time while the market is still HOT.

 

We hope you took a brief moment to watch this short video about “Top Reasons to Own Your Home.”  

If you would like to discuss further the real estate market in Panama City Beach or along the Emerald Coast, please reach out to us. 

 Life’s A Beach Real Estate team is a full-service brokerage with experienced agents.  We are here to help you with all your real estate needs.  

You can find us in multiple locations along the Emerald Coast.  We have three offices in Panama City Beach, FL, and one office in Destin, FL.  Our mission is to help you “find your piece of paradise” along the Emerald Coast.  And with access and insight on all of the best real estate along the Emerald Coast, we can help you make your real estate needs happen.

No Comments

Housing Market Hot Topics – Emerald Coast Real Estate

Housing Market Hot Topics

There are three hot topics in the housing market right now.

  If you are a prospective buyer or seller it is important to understand the current Real Estate Market.  Topics and Trends change and you need to know how that is impacting the real estate market in Panama City Beach and along the Emerald CoastLife’s A Beach Real Estate can help you stay up on the current industry topics and trends.

3 Hot Topics in the Housing Market Right Now

3 Hot Topics in the Housing Market Right Now | MyKCM

The Counselors of Real Estate (CRE) just released its Top Ten Issues Affecting Real Estate report. Here are three hot topics from the list and how they impact today’s housing market.

Technology Acceleration and Innovation

The past year ushered in many changes to the real estate industry.   Especially when it comes to technology. The CRE report elaborates on this:

“Lockdown-driven changes in our work, in the economy, in social structures, and in our personal behavior have pushed our reluctance aside. The acceleration and adoption of technology during the pandemic has impacted everything, and real estate is no exception.

For real estate, innovations like digital documentation, virtual tours, and video chat enable agents to connect with clients no matter their location. These options are ideal for prospective buyers and sellers who aren’t local to the area.  Also, for those that need the added flexibility signing documents online or doing virtual tours provide. That’s why many trusted real estate advisors will continue to use these technologies moving forward to best serve their clients.

Remote Work and Mobility

Working from home became the reality for many individuals during the pandemic.  The latest list from the CRE identified remote work and mobility as an important influence on the real estate market. As the report notes:

the pandemic universally caused a movement away from urban cores, particularly for those with higher incomes who could afford to move and for lower-income individuals seeking lower costs of living. Most of these relocations remained within their original region—84%—and, while some are returning, it is unknown as to the permanence of these movements or whether they represent a true urban exodus.

With the added mobility remote work offers, where people are moving and where they can ultimately purchase a home is less dependent on a physical office location. This newfound flexibility is giving remote workers the opportunity to move to more affordable areas and buy more home for their money.

Housing Supply and Affordability

Finally, the limited supply of houses for sale and the related affordability challenges also makes CRE’s list of key factors this year:

“According to the National Association of Realtors®, the state of America’s housing inventory is dire, with a chronic shortage of affordable and available homes needed to support the nation’s population.”

There is good news. Homes are still more affordable than they have been historically thanks to today’s low mortgage rates. And while housing supply is still low, we’re seeing steady increases in the number of homes coming to market.  More inventory is giving hope to homebuyers. As the supply of homes for sale improves, buyers will have more options.

Bottom Line

New technology, remote work, housing supply, and home affordability are key factors in the housing market right now for both buyers and sellers.

To learn more, reach out to our team.  With two office locations, Life’s A Beach Real Estate is located in Panama City Beach.  And Life’s A Beach Luxury Real Estate is located in Destin.  We are here to answer your questions and help you find your piece of paradise.

 

 

 

No Comments

Key Terms in Today’s Housing Market – Emerald Coast Real Estate

Key Terms in Today's Housing Market

What are the key terms in today’s housing market?

  Whether you are new to the real estate market or have bought or sold before, understanding the key terms are important to the success of your real estate transactions.  Navigating the waters of the real estate market in Panama City Beach and the Emerald Coast can be intimidating.  No worries!  The good news is the Life’s A Beach Real Estate team is here to help!

Key Terms in Today’s Housing Market

Pop Quiz: Can You Define These Key Terms in Today’s Housing Market?

Pop Quiz: Can You Define These Key Terms in Today’s Housing Market? [INFOGRAPHIC] | MyKCM

Some Highlights

  • The language of buying and selling a home may sound scary at first, but knowing how key terms relate to today’s market can help you. For example, current low mortgage rates and higher wages positively impact affordability for buyers, while home price appreciation continues to grow home equity, which sellers can use to fuel a move up.
  • Terms like appraisal (what lenders rely on to validate a home’s value) and contingencies (which buyers can minimize to make their offer stand out) directly impact the transaction.
  • You don’t need to be fluent in the language of the market to buy or sell. Instead, let’s connect today so that we can translate the process together.

To learn more, reach out to our team.  With two office locations, Life’s A Beach Real Estate is located in Panama City Beach.  And Life’s A Beach Luxury Real Estate is located in Destin.  We are here to answer your questions and help you find your piece of paradise.

 

 

 

No Comments

Options Are Improving for Buyers – Emerald Coast Real Estate

Buyers Market

Is The Buyers Market Improving?

  We are starting to see an uptick in real estate inventory in the Panama City Beach real estate market and the Emerald Coast real estate market.  And, if historical trends continue, then we can expect increased inventory levels in the fall, as the vacation rental season starts to wind down.  This is good news for the buyers who have felt shut out in recent days.

Buyers Market Improving?

Experts Agree: Options Are Improving for Buyers

Experts Agree: Options Are Improving for Buyers [INFOGRAPHIC] | MyKCM

Some Highlights of the Buyers Market

  • Buyers hoping for more homes to choose from may be in luck as housing inventory begins to rise. Many experts agree – new sellers listing their homes is great news for buyers and the overall market.
  • Although the supply increases are modest, more homes mean more options for buyers. A rise in inventory may also help slow the price gains we’ve seen recently and could be a sign of good things to come.
  • If you’re searching for a home, rising inventory is welcome news. Let’s connect today to discuss new listings in our area. and learn more about the buyers market in Panama City Beach and along the Emerald Coast

 

To learn more, reach out to our team.  With two office locations, Life’s A Beach Real Estate is located in Panama City Beach.  And Life’s A Beach Luxury Real Estate is located in Destin.  We are here to answer your questions and help you find your piece of paradise.

 

 

 

No Comments

What To Expect as Appraisal Gaps Grow – Emerald Coast Real Estate

Appraisal Gaps

What To Expect as Appraisal Gaps Grow

  If you have had any recent experience with the Panama City Beach real estate market or the Emerald Coast real estate market, then you are aware that buyers more often than not are willing to pay more than the market data supports, causing an appraisal gap.

We Are Talking About What to Expect as Appraisal Gaps Grow

What causes an appraisal gap?  Well, in today’s real estate market, low inventory and high demand are driving up home prices. As a result, as many as 54% of homes are getting offers over the listing price, based on the latest Realtors Confidence Index from the National Association of Realtors (NAR). Shawn Telford, Chief Appraiser at CoreLogicelaborates:

“The frequency of buyers being willing to pay more than the market data supports is increasing.”

While this is great news for today’s sellers, it can be tricky to navigate if the price of your contract doesn’t match up with the appraisal for the house. It’s called an appraisal gap, and it’s happening more in today’s market than the norm.

According to recent data from CoreLogic19% of homes had their appraised value come in below the contract price in April of this year. That’s more than double the percentage in each of the two previous Aprils.

The chart below uses the latest insights from NAR’s Realtors Confidence Index to showcase how often an issue with an appraisal slowed or stalled the momentum of a house sale in May of this year compared to May of last year.

What To Expect as Appraisal Gaps Grow | MyKCM

If an appraisal comes in below the contract price, the buyer’s lender won’t loan them more than the house’s appraised value. That means there’s going to be a gap between the amount of loan the buyer can secure and the contract price on the house.

In this situation, both the buyer and seller have a vested interest in making sure the sale moves forward with little to no delay. The seller will want to make sure the deal closes, and the buyer won’t want to risk losing the home. That’s why it’s common for sellers to ask the buyer to make up the difference themselves in today’s competitive market.

Bottom Line

Whether you’re buying or selling, let’s connect, so you have an ally throughout the process to help you navigate the unexpected, including appraisal gaps.

To learn more, reach out to our team.  With two office locations, Life’s A Beach Real Estate located in Panama City Beach.  And Life’s A Beach Luxury Real Estate is located in Destin.  We are here to answer your questions and help you find your piece of paradise.

 

 

 

No Comments

Demand for Vacation Homes Is Still Strong – Emerald Coast Real Estate

Vacation Homes

Demand for Vacation Homes Is Still Strong.

  Living and working in a resort destination area we are seeing tremendous interest in vacation homes in Panama City Beach and throughout the Emerald Coast.  Throughout the last year, many people purchased second homes as a safe getaway from the challenges of the health crisis.  With many professionals working from home and many students taking classes remotely, it has made sense to see a migration away  from cities and into counties with more vacation destinations.  And Panama City Beach and the Emerald Coast along the Panhandle have seen the migration wave.

The Demand for Vacation Homes Is Still Strong In the Panama City Beach & Emerald Coast Real Estate Market.

The 2021 Vacation Home Counties Report from the National Association of Realtors (NAR) shows that this increase in vacation home sales continues in 2021. The report examines sales in counties like Bay County and Walton County where “vacant seasonal, occasional, or recreational use housing account for at least 20% of the housing stock” and compares that data to the overall residential market.

Their findings show:

  • Vacation home sales rose by 16.4% to 310,600 in 2020, outpacing the 5.6% growth in total existing-home sales.
  • Vacation home sales are up 57.2% year-over-year during January-April 2021 compared to the 20% year-over-year change in total existing-home sales.
  • Home prices rose more in vacation home counties – the median existing price rose by 14.2% in vacation home counties, compared to 10.1% in non-vacation home counties.

This coincides with data released by Zelman & Associates on the increase in sales of second homes throughout the country last year.

As the data above shows, there is still high demand for second getaway homes in 2021 even as the pandemic winds down. While we may see a rise in second-home sellers as life returns to normal, ongoing low supply and high demand will continue to provide those sellers with a good return on their investment.

Bottom Line

If you’re one of the many people who purchased a vacation home during the pandemic, you’re likely wondering what this means for you. If you’re considering selling that home as life returns to normal, you have options. There are still plenty of buyers in the market. If, on the other hand, you want to keep your second home, enjoy it! Current market conditions show that it’s a good ongoing investment.

Do you have further questions regarding making a winning offer?  To learn more, reach out to our team.  With two office locations, Life’s A Beach Real Estate located in Panama City Beach.  And Life’s A Beach Luxury Real Estate located in Destin.  We are here to answer your questions and help you find your piece of paradise.

 

 

 

No Comments

Top Reasons to Own Your Home – Emerald Coast Real Estate

Top Reasons to Own Your Home

Real Estate along the Emerald Coast.

 This is National Homeownership Month, take the time to appreciate everything owning your home has to offer.

If you are thinking about buying real estate along the Emerald Coast, now is the time.  Ask yourself, what is your TOP REASON to own your home?

Our brokerage is here to help you reach your real estate goals.  Buyers now is the time to act and act quickly.  Sellers, if you are thinking about selling in Panama City Beach or along the Emerald Coast, now would be a good time while the market is HOT.

 

We hope you took a brief moment to watch this short video about “Top Reasons to Own Your Home.”  

If you would like to discuss further the real estate market in Panama City Beach or along the Emerald Coast, please reach out to us. 

 Life’s A Beach Real Estate team is a full-service brokerage with experienced agents.  We are here to help you with all your real estate needs.  

You can find us in multiple locations along the Emerald Coast.  We have three offices in Panama City Beach, FL, and one office in Destin, FL.  Our mission is to help you “find your piece of paradise” along the Emerald Coast.  And with access and insight on all of the best real estate along the Emerald Coast, we can help you make your real estate needs happen.

No Comments

Time To Take Advantage of Historically Low Mortgage Rates – Emerald Coast Real Estate

There’s Still Time To Take Advantage of Historically Low Mortgage Rates

Real Estate along the Emerald Coast.

 Today’s mortgage rates are still incredibly low compared to the historical norm.  

If you are thinking about buying real estate along the Emerald Coast, now is the time to act.  It is challenging for buyers right now due to the low inventory…however, the low-interest rates are hard to pass up!

Our brokerage is here to help you reach your real estate goals.  Buyers now is the time to act and act quickly.  Sellers, if you are thinking about selling in Panama City Beach or along the Emerald Coast, now would be a good time while the market is HOT.

 

We hope you took a brief moment to watch this short video about “Taking Advantage of Historically Low Mortgage Rates.”  

If you would like to discuss further the real estate market in Panama City Beach or along the Emerald Coast, please reach out to us. 

 Life’s A Beach Real Estate team is a full-service brokerage with experienced agents.  We are here to help you with all your real estate needs.  

You can find us in multiple locations along the Emerald Coast.  We have three offices in Panama City Beach, FL, and one office in Destin, FL.  Our mission is to help you “find your piece of paradise” along the Emerald Coast.  And with access and insight on all of the best real estate along the Emerald Coast, we can help you make your real estate needs happen.